Fears have been growing about the future of Debenhams, but its chairman has told the BBC the plug isn’t about to be pulled at the end of this month.
Mark Gifford says the business has been doing far better than expected and isn’t facing a cliff edge, either.
“We are sitting with over £95m in the bank, more than £50m higher than we expected to have when we went into administration.
“That’s really changed the whole complexion and prospects,” he said.
It is the first interview the company has given since the pandemic which tipped the 242-year-old retailer into its third insolvency proceedings in 12 months.
Debenhams has also recently announced plans to lose another 2,500 jobs to cut costs as it battles for survival.
Administrators are looking at a range of options, including a sale of the business. Liquidators have also been appointed as a last resort.